Canada: Employment likely to fall by 10k in April - TDS

Analysts at TD are looking for the Canadian employment to fall by 10k in April (market: +11.6k) led by a pullback in full-time hiring, which has averaged 30k per month since September while the rest of the economy slowed.

Key Quotes

“This should see the unemployment rate edge higher to 5.9% from 5.8% while wage growth for permanent employees should hold at 2.3% y/y.”

“March building permits will be released alongside employment to provide an update on the outlook for construction activity, with the market looking for a 2.4% rebound after the 5.7% pullback in February.”